In a first of its kind decision,the Indian Institute of Management- Lucknow has decided to reduce its fee for the postgraduate programme in management by 10 per cent for the 2013-15 session. The decision was announced by IIM-Lucknow Director Devi Singh said Friday.

The fee for the courses, including postgraduate programmes,will cost students Rs 10.8 lakh for the current academic session rather than Rs 12 lakh.

Singh said the institute had been successful in broad-basing our revenue sources and no more relied on government grants.

This is the first time such a decision has been taken by any IIM since generally only an upward revision is seen in the fees,IIM-L said in a statement.

On the occasion,JJ Irani,chairman of IIM-Lucknow Board of Governors,said that while education is becoming costlier,the IIMs decision would not only help many needy students undertake education at the institution,it will also widen the area of selection.